All You Need to Know About Online Payment Methods

everything you need to know about online payment methods

Many of us have been transacting online for a long while now. However, some people are still very resistant to purchasing online for various reasons. These included fears about security, a general concern about declining main streets, and a lack of connection to local sellers.

Changing behaviour

The pandemic altered our relationship with internet purchasing, and it triggered reluctant shoppers to try it out for the first time. While footfall at physical locations is returning to pre-lockdown levels, online transactions are also holding up. Having been introduced to the convenience of online shopping, many people continue to make web-based purchases for all sorts of goods and services, often relying on recurring payment specialists to handle their subscription and membership payments seamlessly.

Why were people reluctant to transact online?

Cyber attacks and data breaches remain a constant threat, which many people were afraid of. As a result, massive departments exist to counter the continuing threats. Platforms and payment processors must be hyper-vigilant in a never-ending battle, and they must always be one step ahead of fraudsters who want to harvest sensitive data.

Platforms like Etsy have opened the doors of small sellers to a broader audience and allowed people to connect with local artisans. Click and collect allows people the convenience of online shopping and the pleasure of going into the retail store to collect the goods. They might stop for a meal or meet friends and family at the same time.

everything you need to know about online payment methods

Fintech solutions

Behind e-commerce success, is the fintech providing payment solutions. There is a wide range of options, and the market seems ever-evolving. Whether setting up an online store or just placing orders online, it is good to know the payment options available and consider which ones are best for you.

PayPal has been around the block

The granddaddy of fintech solutions is PayPal. It is arguable that without the advent of PayPal, e-commerce would have remained a pipedream. The dot-com boom saw a proliferation of online businesses. However, an inability to transact securely (together with snail’s pace connection speeds and massively over-inflated share prices) rapidly led to the dot-com bust.

Why do people trust PayPal

PayPal provided a secure platform, meaning merchants and vendors did not need to share sensitive financial data. An email address was all that was required to send money between PayPal accounts. The security all happened on their platform.

It sounds so simple and straightforward now, but it was nothing short of revolutionary at the time. PayPal retains its position as a highly trusted payment processing partner. It might have started as a peer-to-peer money transfer platform, but it is now accepted at all the major stores and is favoured by entrepreneurial start-ups. It is simple to understand and efficient to use.

POLi is a local solution

POLi has been around for over a decade and it offers an alternative way to pay – customers can transact without the need for a payment card. It creates a direct connection to the user’s internet bank, and there is no requirement for the user to register to use POLi. Last but not least, the service is entirely secure.

POLi was acquired by Secure Pay Holdings (a wholly owned subsidiary of Australia Post), so its credentials are pretty spotless. It can be used to make purchases on Virgin Australia, Air New Zealand and licensed  POLi betting sites like Palmer Bet Australia and Bet365.

Shopify has it all in one place

For many people wanting to sell online, the issue has been integrating payment solutions into their websites. This is particularly true for smaller start-ups and entrepreneurial businesses. However, it can be costly and time-consuming to set up with various payment processors.

Shopify is a one-stop shop where merchants can build and customise their online store in multiple locations, including web, mobile and across multiple social media channels and online marketplaces.

Shopify is cloud-based and hosted, with server upgrades and maintenance included in the fees. In addition, customers can check out quickly and securely using Shop Pay which is part of the package.

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